Reddit (NYSE:RDDT) Price Target Raised to $200.00

Reddit (NYSE:RDDT) had its price objective lifted by equities research analysts at Raymond James from $150.00 to $200.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “strong-buy” rating on the stock. Raymond James’ price objective points to a potential upside of 8.82% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Company assumed coverage on shares of Reddit in a report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target on the stock. The Goldman Sachs Group upped their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. B. Riley lifted their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Guggenheim started coverage on Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective on the stock. Finally, Citigroup lifted their target price on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $158.20.

Reddit Price Performance

Shares of NYSE RDDT opened at $183.79 on Tuesday. The firm has a 50-day simple moving average of $160.20 and a two-hundred day simple moving average of $102.35. Reddit has a 1 year low of $37.35 and a 1 year high of $191.00.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, sell-side analysts expect that Reddit will post -3.48 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Benjamin Seong Lee sold 18,519 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the transaction, the insider now directly owns 138,401 shares in the company, valued at $20,214,850.06. The trade was a 11.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Mary Porter Gale sold 5,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the sale, the director now owns 46,459 shares of the company’s stock, valued at approximately $5,314,909.60. This trade represents a 9.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock worth $39,528,738 in the last 90 days.

Institutional Trading of Reddit

Several large investors have recently bought and sold shares of the stock. Ridgewood Investments LLC lifted its stake in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. Whittier Trust Co. purchased a new position in Reddit in the 3rd quarter worth $42,000. Blue Trust Inc. acquired a new stake in Reddit during the 4th quarter worth about $59,000. Daiwa Securities Group Inc. purchased a new stake in Reddit during the 3rd quarter valued at about $85,000. Finally, AdvisorNet Financial Inc increased its holdings in shares of Reddit by 41.9% in the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after purchasing an additional 201 shares during the period.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.